Florida Townhouses and Condos August 2022 Market Report
Florida Townhouses and Condos showed slower sales activity when compared to last year. While the historically low inventory is slowly improving (though still low), we are also facing rising interest rates and higher prices. I expect inventory to continue to increase which will exert downward pressure on prices and hopefully an increase in sales. Though, this will take some time. Closed sales were down by 20.3% as compared to last month’s decrease of 30.7%. New sales under contract (new pending sales) decreased by 20.3% (In July, there was a 24.0% decrease).
Prices are still going up. The median sales price was up by 20.8% (was up by 20.6% in July). While the average sales price increased by 10.8% (was up 11.6% in July).
The inventory of active listings increased by 12.6% from August of last year. This results in 2.2 months supply of inventory as compared to 1.7 months for August 2021. Remaining in a sellers’ market for Florida townhouse and condo sales. A balanced market favoring neither buyers nor sellers is considered to be one with a 6 to 7 month supply of inventory.
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To view the latest set of reports from Florida Realtors for the state of Florida, Martin County, and Saint Lucie County, please visit GabeSanders.com and select Market Data.
Market information is courtesy of Florida Realtors Research. For additional information and historical archives please visit the Florida Realtors Research page.
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